Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to report a significant loss in 2024, with a projected net profit attributable to shareholders ranging from -7.1 billion to -8.8 billion RMB, primarily due to goodwill impairment related to the overseas brand Tommee Tippee and strategic restructuring efforts [9] - A share repurchase plan has been announced, aiming to enhance employee motivation and confidence in future growth, with a total amount of 100 to 200 million RMB allocated for repurchasing 3.74 to 7.47 million shares [9] - The company is undergoing a strategic transformation, focusing on core brands, brand building, online sales, and operational efficiency, with organizational changes expected to improve long-term performance despite short-term revenue and profit impacts [9] Financial Forecasts - The company's total revenue is projected to decline from 6,598 million RMB in 2023 to 5,601 million RMB in 2024, before recovering to 6,267 million RMB in 2025 and 7,135 million RMB in 2026 [1] - The net profit attributable to shareholders is forecasted to be -858.08 million RMB in 2024, followed by a recovery to 262.53 million RMB in 2025 and 340.16 million RMB in 2026 [1] - The earnings per share (EPS) is expected to drop to -1.28 RMB in 2024, with a rebound to 0.39 RMB in 2025 and 0.51 RMB in 2026 [1]

证券简称：上海家化 证券代码：600315 公告编号：临 2025-001 上海家化联合股份有限公司 关于以集中竞价交易方式回购公司股份方案的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 回购股份金额：不低于人民币 10,000.00 万元（含 10,000.00 万元， 下同），不高于人民币 20,000.00 万元（含 20,000.00 万元，下同）； 相关股东是否存在减持计划：经公司问询，截至本次回购方案董事 会决议日，公司控股股东、实际控制人、持股 5%以上的股东及董监高在未 来 3 个月、6 个月暂不存在减持计划。若未来拟实施减持计划，公司将按照 相关规定及时履行信息披露义务。 一、回购方案的审议及实施程序 2、若公司生产经营、财务状况、外部客观情况发生重大变化，或其他导致 公司董事会决定终止本次回购的事项发生，可能存在本次回购方案无法顺利实施 的风险； 3、本次回购股份将用于员工持股计划或股权激励，若公司未能在规定的期 限内实施上述用途，则存在已回购未转让股份被注销的风险； 4、如遇监管 ...

证券简称：上海家化 证券代码：600315 公告编号：临 2025-002 上海家化联合股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 回购股份金额：不低于人民币 10,000.00 万元（含 10,000.00 万元， 下同），不高于人民币 20,000.00 万元（含 20,000.00 万元，下同）； 相关股东是否存在减持计划：经公司问询，截至本次回购方案董事 会决议日，公司控股股东、实际控制人、持股 5%以上的股东及董监高在未 来 3 个月、6 个月暂不存在减持计划。若未来拟实施减持计划，公司将按照 相关规定及时履行信息披露义务。 相关风险提示： 1、若本次回购期限内，公司股票价格持续超出回购方案披露的价格区间， 则存在本次回购方案无法实施的风险； 2、若公司生产经营、财务状况、外部客观情况发生重大变化，或其他导致 公司董事会决定终止本次回购的事项发生，可能存在本次回购方案无法顺利实施 的风险； 3、本次回购股份将用于员工持股计划或股权激励 ...

Core Viewpoint - The cosmetics market is facing unprecedented growth pressure, with a 1.1% year-on-year decline in retail sales for 2024, prompting Shanghai Jahwa United Co., Ltd. to issue a profit warning for the year, expecting a net loss of between 710 million to 880 million RMB [1][2]. Group 1: Financial Performance - Shanghai Jahwa anticipates a significant net loss for 2024 due to goodwill impairment and adjustments in its main business, with a projected net profit loss of 710 million to 880 million RMB compared to the previous year [1]. - The company plans to recognize a goodwill impairment of approximately 550 million to 680 million RMB, reflecting the impact of market conditions and strategic adjustments [2]. Group 2: Strategic Adjustments - The company is undergoing a series of strategic adjustments, including reducing inventory in department stores and transitioning from an agency model to a self-operated model, which has affected current revenue and profit but aims to enhance online development and brand building [2][5]. - Shanghai Jahwa's management is focusing on four key areas: core brands, brand building, online presence, and operational efficiency, to improve decision-making and organizational structure [5]. Group 3: Share Buyback and Future Outlook - The company announced a share buyback plan of 100 million to 200 million RMB to boost employee morale and align interests between employees and the company, reflecting confidence in future growth [4]. - Despite facing short-term challenges due to reforms, the company is gradually emerging from a low point and aims to regain market confidence while striving to become "the Procter & Gamble of China" [6].

暴利行业持续分化洗牌。 作者 | 贝壳XY 编辑 | 小白 正所谓，爱美之心，人皆有之。如今，美容护理已越发融入人们的日常生活中，其市场需求持续扩 大。国家统计局数据显示，我国化妆品类零售总额在过去二十多年里呈现稳步提升，2023年达到4,14 2亿元，较2011年增长接近3倍。 但2024年1-11月的情况却有些不同，化妆品类零售总额罕见出现负增长，同比下滑了1.3%，莫非化妆 品生意不好做了？ （来源：Choice终端，制表：市值风云APP） 这组数据背后，其实意味着两层含义，其一是化妆品需求的小幅减少，其二则是行业内卷越发严重。 消费需求越发向头部品牌集中，质量不佳、规模较小、生产不良的尾部企业正逐渐被淘汰出局，一场 席卷整个行业的大洗牌或许正在进行。 动荡过后，仍能留在牌桌上的企业必定各有各的看家本领，今天我们便从美容护理板块前十大市值公 司来一探究竟。 参考申万行业分类及截至2024年12月31日的市值排名，前十大公司分别为爱美客（300896.SZ）、珀 莱雅（603605.SH）、华熙生物（688363.SH）、稳健医疗（300888.SZ）、锦波生物（832982.BJ）、 贝泰妮（30095 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -7.1 billion and -8.8 billion CNY, indicating a significant loss compared to a profit of 5.00 billion CNY in the previous year[4]. - The anticipated net profit after deducting non-recurring gains and losses is projected to be between -7.2 billion and -8.9 billion CNY for 2024[4]. Goodwill Impairment and Strategic Changes - The company plans to recognize goodwill impairment of 5.5 billion to 6.8 billion CNY due to the decline in revenue and gross profit from overseas operations[6]. - The main reasons for the expected loss include goodwill impairment, a strategic shift in business operations, and a decrease in investment income due to external economic conditions[6]. - The company has undergone strategic restructuring focusing on core brands, brand building, online presence, and operational efficiency, which has negatively impacted current revenue and profits[7]. Organizational Adjustments - The company has adjusted its organizational structure to enhance decision-making efficiency and attract new talent[7]. Financial Asset Valuation - The company’s financial assets have seen a significant decrease in fair value, contributing to reduced investment income[7]. - The performance forecast has not been audited by a registered accountant, and the final impairment amount will be determined by a qualified evaluation agency[9]. Operational Management - The company emphasizes that its production and operational management remain normal and are not affected by the goodwill impairment[10].

股票简称：上海家化 股票代码：600315 公告编号：临 2024-043 上海家化联合股份有限公司 关于参加2024年三季报沪市主板美妆行业 专场集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 上海家化联合股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，详见上海证券交易所网站（www.sse.com.cn）。 为便于广大投资者更全面深入地了解公司 2024 年三季度经营成果、财务状况， 公司计划于 2024 年 12 月 3 日参加 2024 年三季报沪市主板美妆行业专场集体业 绩说明会，会议时间下午 13:30-17:00，会上将就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频和网络互动方式召开，公司将针对 2024 年三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 12 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.82 CNY per share based on a 25x PE for 2025 [4][19]. Core Insights - The company reported a revenue of 4.477 billion CNY for the first three quarters of 2024, a year-on-year decrease of 12.07%, and a net profit attributable to shareholders of 163 million CNY, down 58.72% year-on-year [1][2]. - In Q3 2024, the revenue was 1.156 billion CNY, reflecting a year-on-year decline of 20.93%, with a net loss of 75 million CNY, marking a significant drop of 180.85% year-on-year [1][2]. - The company is undergoing strategic adjustments, including a shift from distributor to self-operated sales channels and reducing inventory in department stores, which has impacted both revenue and profit [2][3]. Revenue Summary - In Q3 2024, the revenue breakdown was as follows: personal care products 530 million CNY (46.16%), cosmetics 95 million CNY (8.25%), innovative products 150 million CNY (13.13%), and overseas products 370 million CNY (32.46%) [2]. - The average prices for these segments showed mixed results, with personal care products increasing by 4.7% year-on-year, while cosmetics decreased by 0.36%, innovative products dropped by 19.34%, and overseas products increased by 0.53% [2]. Profitability Summary - The gross margin for Q3 2024 was 54.49%, down 3.24 percentage points year-on-year. Excluding the impact of strategic adjustments, the gross margin for domestic operations increased by 1.1 percentage points [2]. - The net profit margin for Q3 2024 was -6.51%, a decrease of 12.89 percentage points year-on-year [2]. Earnings Forecast - The company forecasts net profits of 360 million CNY, 480 million CNY, and 600 million CNY for the years 2024, 2025, and 2026, respectively [3][4]. - The expected revenue growth rates are projected at 2.0% for 2024, 9.2% for 2025, and 9.8% for 2026 [3][4].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a Q3 revenue decline of 21%, resulting in a single-quarter loss of 75.3 million yuan, attributed to rising costs and increased sales investments [1] - For the first three quarters of 2024, the company generated revenue of 4.48 billion yuan, a year-on-year decrease of 12%, with a net profit of 160 million yuan, down 59% year-on-year [1] - The company is undergoing organizational restructuring and is expected to reach a turning point in performance [1][3] Financial Summary - Q3 revenue was 1.16 billion yuan, down 21% year-on-year, with a net loss of 75 million yuan compared to a profit of 93.13 million yuan in the same quarter last year [1] - The gross margin for Q3 was 54.5%, a decrease of 3 percentage points year-on-year, while the net margin was -6.5%, down 13 percentage points year-on-year [1][2] - The company is implementing a departmental reform, with the personal care division showing a 4.7% increase in average sales price [2] Profitability Forecast and Valuation - The company is projected to achieve net profits of 270 million yuan, 490 million yuan, and 620 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 42, 22, and 18 [3] - The revenue forecast for 2024 is 607.1 million yuan, reflecting a 7.98% decrease, while a recovery is expected in subsequent years [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [2][4]. Core Insights - The company is currently undergoing a strategic transformation, which has led to short-term pressure on profitability. However, there are expectations for a growth inflection point as organizational adjustments and brand strategies take effect [2][3]. - The company achieved a revenue of 4.477 billion yuan in the first three quarters of 2024, a year-on-year decrease of 12.07%. The net profit attributable to shareholders was 163 million yuan, down 58.72% year-on-year [2]. - The report highlights the completion of key talent iterations in Q3 2024, which is expected to enhance operational efficiency and decision-making processes [2]. - The company is focusing on brand building and marketing strategies to enhance brand visibility and engagement, particularly targeting younger demographics [2][3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.156 billion yuan, a decline of 20.93% year-on-year, and a net loss of 75 million yuan, a significant drop of 180.85% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 59.41%, while the net profit margin was 3.63%, reflecting a decline compared to the previous year [2]. - The report projects net profits for 2024-2026 to be 272 million, 393 million, and 493 million yuan respectively, with corresponding growth rates of -45.5%, 44.3%, and 25.5% [3][5]. Strategic Initiatives - The company is implementing a flat management structure and has completed the appointment of general managers for its five front-end business units, aiming to improve operational efficiency [2]. - The report notes successful marketing campaigns, such as the "Cooling Festival" for the Liu Shen brand, which generated significant engagement and brand awareness [2]. - The company is leveraging multiple online platforms for its "Double 11" sales strategy, indicating early signs of success in its online channel reforms [2]. Future Outlook - The report anticipates that the company's strategic adjustments will lead to improved sales channel efficiency and internal growth, with a focus on core product lines [2][3]. - The expected earnings per share for 2024-2026 are projected to be 0.41, 0.58, and 0.73 yuan respectively, with a price-to-earnings ratio of 41X, 28X, and 23X [3][5].